State finance czar proposes foreclosure overhaul

Top regulator wants to quicken and "streamline" the process

TRD New York /
May.May 20, 2015 09:00 AM

Benjamin Lawsky, the state’s superintendent of financial services, is calling for changes to the state’s home foreclosure process.

In a speech, Lawsky said that many people who would ordinarily keep their homes lose their properties due to delays in the foreclosure system, according to Capital New York. As a result, the finance czar continued, properties sit vacant for months or even years. Lawsky proposed to “streamline” the process for homes that have already been vacated.

Lawsky’s speech at a Mortgage Bankers Association conference followed a report by the Department of Financial Services that also recommended an overhaul of the entire system. The report proposes that homeowners can keep their houses during the foreclosure process.

President of the Mortgage Bankers Association David Stevens said that shortening timelines was a good idea, according to the Wall Street Journal.

“Everybody is prepared to protect the consumer,” Stevens told the Journal, “but you don’t want to put unusual obstructions in place for homes that should be foreclosed upon.” [Capital NY PRO] and [WSJ]Claire Moses


Related Articles

arrow_forward_ios
The number of mortgages in forbearance continues to climb though servicers say they are fielding fewer calls for help from property owners.

TRD Insights: Mortgage forbearances keep climbing

TRD Insights: Mortgage forbearances keep climbing
Clockwise from top left: Poughkeepsie Galleria, Crossgates Mall, Destiny USA and Walden Galleria (Credit: Google Maps; I Love NY; Visit Buffalo)

After Palisades Center, 4 more Pyramid Group malls head to special servicing

After Palisades Center, 4 more Pyramid Group malls head to special servicing
SoFla prepares for flood of foreclosures and evictions after governor’s freeze

SoFla prepares for flood of foreclosures and evictions after governor’s freeze

SoFla prepares for flood of foreclosures and evictions after governor’s freeze
Governor Andrew Cuomo (Credit: Getty Images, iStock, and Pixabay)

Cuomo’s executive order tells banks to give homeowners a break

Cuomo’s executive order tells banks to give homeowners a break
Caught up in a dozen recent lawsuits, Brooklyn developer Toby Moskovits blames her firm’s debt troubles on “collusion” and a “personal vendetta” (Illustration by The Real Deal; Moskovits by Sasha Maslov)

Creditors are banging on Toby Moskovits’ door

Creditors are banging on Toby Moskovits’ door
NYC saw a dip in home foreclosures last year (Credit: iStock)

Home foreclosures dip in NYC for 2nd straight year

Home foreclosures dip in NYC for 2nd straight year
Selina Hotel at 516- 518 West 27th Street and Adam Neumann (Credit: Google Maps, Getty Images)

Lender moves to foreclose on site of NYC hotel linked to Adam Neumann, Mexican magnate

Lender moves to foreclose on site of NYC hotel linked to Adam Neumann, Mexican magnate
Nationwide foreclosures are at a 15-year low (Credit: iStock)

Foreclosures nationwide fell to 15-year low in 2019

Foreclosures nationwide fell to 15-year low in 2019
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...